Lingerie brand is rescued by Sports Direct

Agent Provocateur was facing administration

Lingerie brand is rescued by Sports Direct

An Agent Provocateur store in Soho, London | Image: Yui Mok/PA Wire/PA Images

British retailer Sports Direct has bought luxury lingerie brand Agent Provocateur.

The underwear firm had been struggling, and was said to be facing administration.

The BBC reports it has been acquired for around stg£25m (€29.1m).

Private equity group 3i has owned Agent Provocateur since November 2007.

The firm was founded in 1994 by Joseph Corré and Serena Rees.

Its products can be found across 14 countries - including Europe, the US and the Middle East.

But Ireland’s only Agent Provocateur concession, based in Brown Thomas, closed in 2010.

In addition to lingerie, it also sells fragrances and shoes.

Sports Direct owner Mike Ashley is reported to have bought the business in a so-called pre-pack administration.

This means he was able to pick out the parts of Agent Provocateur that he wanted.

The retailer employs 600 staff and has 10 UK stores. It is not known if job losses are expected from the sale.